South Korea's GDP growth accelerates

South Korea's gross domestic product (GDP) growth accelerated to 1.1 percent in the second quarter from the prior quarter as a turnaround in private consumption relieved a weak facility investment, central bank data showed Thursday.

Real GDP, the broadest measure of economic performance, expanded 1.1 percent in the second quarter from three months earlier after gaining 0.8 percent in the previous quarter, according to the Bank of Korea (BOK).

The reading was the highest since 1.3 percent tallied in the first quarter of 2011, beating market consensus of 0.8 percent. The economy eventually escaped from the eighth straight quarter of zero-percent growth, reported Xinhua.

From a year earlier, the real GDP increased 2.3 percent in the second quarter, up from a 1.5 percent expansion in the prior quarter.

Private consumption, a major growth engine of the economy, rose 0.6 percent in the second quarter from three months earlier, turning around from a 0.4 percent fall in the previous quarter. That led the economy to grow at a rate of more than 1 percent during the quarter.